30 Dec '16, 4pm

Chinese company LeEco begins building $3 billion electric car factory

Chinese company LeEco begins building $3 billion electric car factory

LeEco, which currently makes products like televisions, was in trouble. In a November letter to staff, founder Jia Yueting said the company expanded too fast and was struggling, and then cut his own income down to 15 cents. But about two weeks after the letter, the company reported they’d raised $600 million from unidentified investors but proceeded to lay off around 60 Hong Kong employees anyway. Then LeEco received another $1.44 billion investment this past Wednesday, again from an unidentified investor, and broke ground on the factory the same day. It is unclear whether those employees will be re-instated, or of their jobs will be replaced by robots.

Full article: http://inhabitat.com/chinese-company-leeco-begins-buildin...

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